Transfer Money Now

A Complete Guide To Transfer Money Abroad For Different Purposes

We live in a fast paced world where several people are moving continents and countries for education, employment, or just to settle down at a place that they find better than the one they currently reside in. If you are one among them, you would probably be looking for ways to instantly transfer money internationally for different purposes. 

BookMyForex offers excellent international money transfer options for a variety of purposes like University tuition fees, medical expenses for family, maintenance money for your loved ones, or for anything else. Within just 24 hours, you can transfer money to any part of the world conveniently by using the services provided by BookMyForex. 

This guide about international money transfers will give you a clear picture about how you can transfer money abroad and what are the prerequisites for doing the same.

1. Transfer Money to Close Relatives:

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A photocopy of your PAN card
  • Photo cum address proof of the remitter (Adhaar/Passport etc)
  • Relationship proof (Passport/marriage certificate etc) which can establish the relation between remitter and the beneficiary

Transfer Limit:

The amount you transfer needs to be under USD 250,000 in a financial year.

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

List of Close Relatives:

You can Transfer Money Overseas to the below-mentioned persons:

(a) Members of your Hindu undivided family.

(b) Your spouse.

(c) You are related to the beneficiary in any of the manners indicated below:

  1. Father (including step-father).
  2. Mother (including step-mother).
  3. Son (including step-son).
  4. Son's wife.
  5. Daughter.
  6. Daughter's husband.
  7. Brother (including step-brother).
  8. Sister (including step-sister).

Eligibility:

Remitter has to be an Indian resident and present in India. Remitting account should be a savings account of the remitter.

There are a few situations wherein the limit of USD 250,000/year can be exceeded. For a higher international fund transfer to your close relatives, you need RBI’s approval. You can get this by submitting all the necessary documents proving the need for extra monetary assistance.

2. Overseas Education

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A photocopy of your PAN card
  • Photo cum address proof of the remitter(Adhaar/Passport etc)
  • Admission letter given by the college or university abroad
  • Student’s valid passport if the remitter is close relative of the student
  • Other KYC documents if requested by the service provider

Transfer Limit:

The amount you transfer needs to be under USD 250,000 in a financial year.

Transaction Time:

It takes 12 - 48 business hours for the transfer to be completed

Eligibility:

  • The individual who sends the money needs to be the student or a close relative of the student. 
  • The student receiving the amount needs to be currently studying or already enrolled in a college or university abroad.

Under special cases, if you wish to increase the limit of the amount per year, you will need to submit a formal request from the concerned university. When you submit the request, ensure that you have included all the relevant details including Name of the Student, Student ID, and reference number of Admission.

3. Foriegn Investment

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • Photo cum address proof of the remitter(Adhaar/Passport etc)
  • Savings account will be opened with the partnering bank with BookMyForex

Transfer Limit:

The transfer limit of funds for foreign investment is USD 250,000 per financial year.

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

Eligibility:

Although foreign investments can be made by individuals, it is generally an endeavor pursued by corporations or companies who have substantial assets and are on the lookout to extend their reach.

More often than not, foreign investments would require you to submit additional documents apart from the ones mentioned above. If you or your company haven’t had an account with a particular bank for more than a year, you may be required to submit the following documents additionally.

  • An income tax assessment order copy
  • Bank statement copy of the balance period from the previous bank

4. For Immigration

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • Photo cum address proof of the remitter(Adhaar/Passport etc)

Transfer Limit:

You can transfer upto USD 250,000 in total in a financial year for immmigration

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

Eligibility:

If any individual requires to transfer more than the limit of USD 250,000, a proof of estimate needs to be submitted by the concerned country of immigration. You cannot remit any particular amount outside India to gain eligibility or get credits or points for immigration. Such fund transfers would need special permission from the Reserve Bank of India. Only incidental expenses come under this section for transfer. Capital transactions like investment in foreign lands, government bonds, or commercial enterprise, do not qualify for immigration remittance.

5. For Medical Treatment

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • Proof of the purpose of remittance in the form of a letter from the concerned hospital
  • Photo cum address proof of the remitter(Adhaar/Passport etc)
  • Relationship proof with the patient if remitter is close relative of the patient

Transfer Limit:

For medical treatment, the overall limit for international fund transfer is USD 250,000 in a financial year

Transaction Time:

It takes 12 - 48 business hours for the transfer to be completed

Eligibility:

The remitter needs to be a Resident Indian. Remitting account should be a savings account of the remitter.

If an amount greater than USD 250,000 is required to be transferred, you will need to provide a letter from the concerned doctor in India or abroad detailing the estimate of total cost for the medical treatment. Several financial institutions have been given the license by RBI for international fund transfers for medical treatments. It is always better to approach such an authentic service provider with an authorized license to avail better services.

6. For Traveling/ Booking Your Tour

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • A copy of your Visa
  • A copy of your confirmed ticket
  • A copy of your passport

Transfer Limit:

USD 250,000 is the overall limit for fund transfer for traveling or booking your tour.

Transaction Time:

It takes 12 - 48 business hours for the transfer to be completed

Eligibility:

Any Indian visiting foreign countries other than Bhutan and Nepal are eligible for fund transfer for traveling or booking your tour. Remitting account should be a savings account of the remitter.

Benefits of using BookMyForex for Outward Remittance:

  • The transfer rates displayed 24/7 on BookMyForex are live. You can lock in the best rate for 3 days. BookMyForex also provides the service of notifying you whenever your desired exchange rates are available.
  • Once the documents and funds are received, the transfers take less than 24 working hours. With absolutely no extra cost, the beneficiary abroad can receive the funds within 24 working hours.
  • The entire remittance process is very convenient when done through BookMyForex as you can easily carry it out online. You no longer have to visit your local bank or any other financial institution when you choose BookMyForex for fund transfer, you can do it from the comfort of your home.
  • All the transfer charges for processing wire transfers are waived off completely when you transfer funds using BookMyForex. Typically, banks may charge around INR 2500 for such transfers, which is not the case with BookMyForex.